The Central Bank of Türkiye on Thursday raised its policy rate by 500 basis points to 30%, meeting market forecasts.

At its August meeting, the bank hiked its policy interest rate 750 basis points to 25%. It pledged to continue the monetary tightening process to help bring down inflation.

According to the latest data from TurkStat, Türkiye's annual inflation rose to 58.94% in August, up from 47.8% in July.

After the appointment of Governor Hafize Gaye Erkan, the bank ended its 27-month monetary easing cycle and on Thursday raised rates for the fourth consecutive meeting.